The MTN Group has acquired an extra 6,98% interest in its subsidiary, MTN Nigeria Communications Limited (MTN Nigeria), the company said on Tuesday.
Spokesperson Pearl Majola said MTN made the purchase from minority shareholders at a cost of $348,9-million, or about R2,6-billion.
The purchase would be funded through a cash payment of $287,8-million (about R2,2-billion) and an issue of about six million ordinary shares in MTN.
Majola said the purchase, to be effected through MTN International, would bring the MTN Group’s shareholding in MTN Nigeria to 81,87%.
MTN Nigeria, the leading cellular operator in that country, launched operations in 2001.
With a subscriber base of 9,6-million, MTN Nigeria provided access to 73% of Nigeria’s population, Majola said. – Sapa